Posted on 07/10/2011 6:09:09 PM PDT by The Magical Mischief Tour
After meeting for exactly 90 minutes, the president and members of congress achieved absolutely nothing except for what ZH readers already knew: that a debt deal has to be reached by July 22 or else. "President Barack Obama said Sunday that "we need to" work out a debt deal within the next 10 days as he convened a meeting with congressional leaders, aiming to fashion a deficit reduction package for the next 10 years. As the meeting opened, Obama and the leaders sat around the table in Sunday casual dress. Asked whether the White House and Congress could "work it out in 10 days," Obama replied, "We need to." Despite Boehner's preference for a smaller, $2 trillion plan for deficit reduction, White House aides said Sunday that Obama would press the lawmakers to accept the larger deal. Republicans object to its substantial tax increases and Democrats dislike its cuts to programs for seniors and the poor. The aides, however, left room for negotiations on a more modest approach." And just like on Friday when the president's appearance was heralded as a harbinger of a massive NFP beat only to be the biggest let down since Geithner's TV appearances in February which sent the market down by 10 S&P points each time, so the president will address the nation tomorrow. From Reuters: "U.S. President Barack Obama will hold a news conference at 11 a.m. EDT (1500 GMT) on Monday about the status of negotiations to cut the deficit and raise the debt ceiling, the White House said on Sunday. Obama met with congressional leaders for about 75 minutes Sunday evening and will meet again with them on Monday "to discuss the ongoing efforts to find a balanced approach to deficit reduction," the White House said, without giving a time for that session."
More from the AP:
"He's not someone to walk away from a tough fight," White House chief of staff William Daley said. "Everyone agrees that a number around $4 trillion is the number that will ... make a serious dent in our deficit." But embedded among the tough words was rhetoric that acknowledged the "big deal's" prospects had become uncertain at best.
"We're going to try to get the biggest deal possible," said Treasury Secretary Timothy Geithner.
It was an abrupt change from 24 hours earlier. Republicans late Saturday rejected the $4 trillion proposal, the largest of three under consideration, because its tax increases would doom it in the GOP-led House, Speaker John Boehner said.
The Ohio Republican informed Obama that a package of about $2 trillion, which bipartisan negotiators had identified but not agreed to, was more realistic.
Senate GOP leader Mitch McConnell of Kentucky left little doubt that the $4 trillion deal was dead.
"I think it is," McConnell said. Raising taxes amid 9.2 percent unemployment, he added, "is a terrible idea. It's a job killer."
The statements threw into question the extent to which the Sunday meeting, called for 6 p.m. EDT, would move the talks toward a resolution as an Aug. 2 deadline loomed. That's when the nation would begin to default on its debts, administration officials say, if no deal is reached to raise the borrowing limit from $14.3 trillion.
One thing is certain: with each passing day until July 22 or T-Day, the day by which Congress has to pass the debt ceiling legislation, of which there are precisely 10 working days, the market, which has so far completely ignored any concern about a failure in the debt talks, will start getting increasingly more nervous. As a reminder there is a 4 week Bill auction this Tuesday: the last one priced at 0.000%. If the logjam in DC continues after Monday, something tells us the government will not get ultra short-term funding for free.
As for the spin free interpretation of what the "deficit deal" means for America, read our previous observations on the matter here.
This must be the compassionate portion of the speech?
Really rambling now. Reaching to make a point, but he doesn’t know what it is.
http://politicalticker.blogs.cnn.com/2011/07/11/live-blog-of-obamas-new-conference/
11:26 a.m. ET - “I feel pretty confident” Americans don’t want U.S. to default on its debts, Obama said. He said some of the professional politicians know better than to say we shouldn’t raise the debt limit.
“This isn’t something I’m making up,” Obama said. “I’d rather be talking about stuff everybody welcomes like new programs or the NFL season getting resolved. Unfortunately this is what’s on our plate.”
Baraq: you’re a failure - and all 5 of your econ czars or whatever number you’re on.
Who really believes anything that he says at this point?
I’d like to see the letters that he doesn’t mention.
Instead of drilling for oil and gas he is steadily drilling holes on the bottom of the boat!
Nice! Very nice!
AND
... all the jobs were lost before he took office or shortly after...
Wow!
“I’m obsessed with the families doing the right thing .....blah blah blah....pounding the pavement....lost second job....hundreds and thousands of “folks” out there seeing the economy fold on them”.
“This unemployment rate is stubborn....make sure economy is growing....money in peoples pockets so they can go out and spend”.
“Companies not investing in benifits....clean air and water.”
“Taking an approach that costs trillions of dollars we can’t do”....
(Then dump the Obamacare!!!!
If there is even one honest liberal in the journo ranks, he/she must be totally embarrassed at this jerk.
No one. We watch now to see if his pants are really on fire or his nose actually grows a bit.
He could not answer her question so he is answering the question he thinks she should have asked.
“We’ve been looking at the whole menu of steps that can be taken ... “ [to resolve the jobs problem].
Time to quit looking at the menu and START DOING SOMETHING.
More stimulus (spending) isn’t the answer, because it didn’t work.
Infrastructure? Hidy-word for more taxes.
What happened to all those shovel-ready jobs that were supposed to be available?
“targeted job growth”
“infrastructure”
“rebuilding roads and bridges”
“broadband”
Living in Fantasy Land.
adios Baraq
All I can think of is this, once Oblidiot hits the lecture circuit when he is fired, he won’t be able to fill the seats in a Popeyes chicken joint. Ah, that will be sweet karma.
OMG! He just mentioned broadband when the story is out there that they spent $7 million per home to run broadband in Montana??? - something like that.
and telling the republicans jump in.
Bottom line...he will not sign a short term plan.
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